The San-Francisco based insurtech was founded as a result of CEO Jason Brown’s personal experiences and evolved into a financial coach for its clients, automating payments and fostering healthier financial lifechoices.
The company raised $172 million throughout its lifespan from several investors, including Andreessen Horowitz, Cowboy Ventures, Flucas Ventures, Kleiner Perkins, Shasta Ventures, Sway Ventures, and Israeli insurer Menora Mivtachim.
However in a LinkedIn post this week, CEO Jason Brown announced the company would shut down as it was unable to secure necessary funding to maintain its operations.
A recent Glassdoor review emphasised that whilst Tally was once a great place to begin a career, the financial troubles had made it a troublesome place to work. The review stated that during the height of COVID-19, Tally over-hired and had since undergone several rounds of layoffs (RIFs) over the past two years.
The review had said that Tally was looking for a way to sell the company, to cover current employee severances. The review made it clear this would be challenging, given difficult market conditions.
